- Siemens Energy (OTCPK:SMEGF) accuses General Electric (NYSE:GE) of embellishing claims of stolen trade secrets in an attempt to gain advantage in the tough market for gas-power turbines, in the latest allegation in a lawsuit between the two companies.
- In a January lawsuit, GE claimed Siemens Energy used confidential information about GE's gas turbines to help it unfairly win at least nine contracts worth billions of dollars.
- The complaint is an "opportunistic attempt by General Electric to exploit a specific issue with a now-canceled gas turbine project in order to obtain a sweeping injunction that would tactically disadvantage one of its only competitors in the gas turbine market," Siemens Energy said in a court filing Monday in response to the lawsuit.
- "GE's long history of financial problems in its gas turbine business contradicts its assertion that it would have enjoyed substantial profits if not for the alleged misappropriation," Siemens Energy says.
- GE shares jumped to near three-year highs in today's trade, as UBS pointed to rising interest rates and the coronavirus relief bill as reasons to get more bullish on the company.